- Bioprocessing Revenue Increases to $42 Million, Total Revenue Reaches $63 Million in 2012 - - Year-over-Year Net Income Increases by $18 Million -
WALTHAM, Mass., March 7, 2013 (GLOBE NEWSWIRE) -- Repligen Corporation (Nasdaq:RGEN) today reported financial results for its fourth quarter and year ended December 31, 2012. The Company reported total revenue for the three-month period ended December 31, 2012 of $18,814,000, an increase of $11,649,000 as compared to total revenue of $7,165,000 for the same period in 2011. Revenue growth for the fourth quarter of 2012 was led by the Company's bioprocessing business which expanded as a result of its acquisition of Repligen Sweden AB in December 2011. Bioprocessing revenue was $9,709,000 for the three-month period ended December 31, 2012, more than three times the $3,115,000 of bioprocessing revenue generated during the same period in 2011. Royalty and other revenue for the three-month period ended December 31, 2012, which includes royalty payments received from Bristol-Myers Squibb on its U.S. sales of Orencia ®, was $9,105,000 compared to $4,050,000 for the same period in 2011, an increase of $5,055,000. This increase is primarily due to $4,876,000 of revenue related to an upfront payment from Pfizer Inc. in accordance with the terms of a therapeutic licensing agreement for our spinal muscular atrophy program. Net income for the three-month period ended December 31, 2012 was $9,553,000, an increase of $11,715,000 as compared to a net loss of $2,162,000 for the same period in 2011. Earnings per diluted share were $0.30 for the three-month period ended December 31, 2012 as compared to loss per diluted share of $0.07 for the same period in 2011. December 31, 2012 marks the end of the first full year for which the Company is reporting consolidated financial results since its acquisition of Repligen Sweden AB.
Operating expenses for the three-month period ended December 31, 2012 were $12,403,000 compared to $8,703,000 for the same period in 2011, an increase of $3,700,000 or 43%. These operating expenses included an increase in cost of product revenue of $4,409,000 due to higher product sales, partially offset by a decrease in selling, general and administrative expenses of $1,014,000 compared to the same three-month period in 2011. Selling, general and administrative expenses in the 2011 period included expenses related to the acquisition of Repligen Sweden AB and our activities in connection with the potential launch and commercialization of our therapeutic product candidate RG1068. Research and development expenses decreased by $527,000 during the three-month period ended December 31, 2012 compared to the same period in 2011. This decrease was primarily due to lower spending on our clinical development programs as a result of our decision to focus on our core bioprocessing business. Cash and investments as of December 31, 2012 were $49,970,000 compared to $36,025,000 as of December 31, 2011.
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